Planes, Cars and Advertising Slammed by Covid-19: Earnings Wrap
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Two weeks into Europe’s first-quarter earnings season, more companies are cutting jobs and throwing up their hands over future guidance.
Volkswagen AG forecast a severe drop in earnings this year andIAG SA will slash the workforce at British Airways by almost 30% as the corporate fallout from the coronavirus pandemic worsens.Airbus SE burned through 8 billion euros ($8.7 billion) of cash last quarter, while advertiserWPP Plc said revenue fell as much as 30% in some regions.
Not all industries are suffering the same fate. DrugmakersAstraZeneca Plc andGlaxoSmithKline Plc both beat earnings estimates while supermarket giantCarrefour SA benefited from customers stockpiling food and ordering online during lockdowns.
Barclays Plc andStandard Chartered Plc set aside piles of cash for troubled loans, but were boosted by a boom in trading fueled by volatile markets.
24,385 in U.S.Most new cases today
-16% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.143 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March